After the selection of Bernanke as a Fed chairman things are going better and now the President Obama is getting support from the G20 countries and this was seen in the Pittsburgh summit. The US President Barack Obama opened the G20 leaders’ summit Thursday by calling for agreement on a framework to rebalance the global economy, hoping to shift the responsibility for prolonged economic recovery off the American consumers and the heavily indebted the US government. The US president is arguing the world can no longer rely on American consumer and government spending to drive economic growth.
In this summit G-20 counties leaders agree to fully support the US president to rebalance their economy. Timothy Geithner who is the US Treasury Secretary told reporters in an interview that “It’s very important that, as we lay a foundation for recovery, we don’t sow the seeds for future crises,” “In the run-up to this crisis, many of the world’s largest economies depended on the American consumer to buy their exports to drive growth, and we made it easy. For too long, Americans were buying too much and saving too little. And that’s no longer an option for us, or for the rest of the world.”
Despite Merkel’s reservations, Geithner told reporters “there’s very strong support” for Obama’s rebalancing proposal. “Certainly, for the first time in a year, we’re seeing the first signs of optimism about prospects for global recovery,” he said. “This is encouraging, but we have ways to go.”
The prime minister gave an important message which is showing a good hope for the economical rebalancing was “their good progress has been made, but it is going to be very important that we don’t lose the momentum, going forward,” the official said. So, we can hope well that now America will now get rid from his financial problems.
After the selection of Bernanke as a Fed chairman things are going better and now the President Obama is getting support from the G20 countries and this was seen in the Pittsburgh summit. The US President Barack Obama opened the G20 leaders’ summit Thursday by calling for agreement on a framework to rebalance the global economy, hoping to shift the responsibility for prolonged economic recovery off the American consumers and the heavily indebted the US government. The US president is arguing the world can no longer rely on American consumer and government spending to drive economic growth.
In this summit G-20 counties leaders agree to fully support the US president to rebalance their economy. Timothy Geithner who is the US Treasury Secretary told reporters in an interview that “It’s very important that, as we lay a foundation for recovery, we don’t sow the seeds for future crises,” “In the run-up to this crisis, many of the world’s largest economies depended on the American consumer to buy their exports to drive growth, and we made it easy. For too long, Americans were buying too much and saving too little. And that’s no longer an option for us, or for the rest of the world.”
Despite Merkel’s reservations, Geithner told reporters “there’s very strong support” for Obama’s rebalancing proposal. “Certainly, for the first time in a year, we’re seeing the first signs of optimism about prospects for global recovery,” he said. “This is encouraging, but we have ways to go.”
The prime minister gave an important message which is showing a good hope for the economical rebalancing was “their good progress has been made, but it is going to be very important that we don’t lose the momentum, going forward,” the official said. So, we can hope well that now America will now get rid from his financial problems.
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